Copper futures settled lower on Wednesday due to concerns over a global economic slowdown intensified, with US Federal Reserve Chair Jerome Powell cautioned that the interest rate hikes could trigger a recession. Moreover, China’s Covid-19 concerns also adding pressure on red metal prices.
Copper futures for July delivery lost $0.0950 to settle at $3.9440 a pound on the Comex metals division of New York Mercantile Exchange. Copper on the London Metal Exchange was down 2.47 percent at $8,773 a ton.